CHATTANOOGA, TN—CBL & Associates Properties reported good news on Monday. The shopping center REIT gained profit on higher occupancy and stronger leasing.
CBL reported first quarter revenues of $250.6 million. That compares to $267.1 million in a year-ago period, but still beat analyst estimates of $245.9 million.
Drilling into the numbers, same-store sales per square foot increased 5.9% for mall tenants 10,000 square feet or less for stabilized malls for the first quarter 2012. Meanwhile, shopping center portfolio occupancy in the quarter increased 150 basis points to 91.8%, from the year-ago period. Average gross rent for leases signed in the first quarter 2012 increased 7.2% over the prior gross rent per square foot.
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